Unlocking for residential growth: the Queensland Government’s Growth Acceleration Fund

Unlocking for residential growth: the Queensland Government’s Growth Acceleration Fund

Applications are open until 23 December 2022 to developers, utility providers and councils within South East Queensland (SEQ) for the Queensland Government’s Growth Acceleration Fund (GAF), designed to rapidly unlock housing supply.

What is the Growth Acceleration Fund?

Announced in June 2022, the Growth Acceleration Fund is a $50 million fund to enable the delivery of infrastructure that is needed to unlock new residential lots. Allocation of funds commenced immediately, with $15 million assigned to facilitate water and wastewater infrastructure within Caboolture West; a new community expected to house 70,000 people, over the next 40 years.

Developers and SEQ councils are urged to apply to access funding from the remaining $35 million in the form of a low interest loan for infrastructure investment.

GAF will empower those who are not currently able to independently fund the essential infrastructure required to commence housing construction. This incentive will bring land to market quickly  by expediting the delivery of critical infrastructure such as water supply, wastewater, stormwater or roads, amid surging housing supply demands.

Addressing housing supply

Unprecedented growth challenges including strong interstate migration are driving demand for more diverse housing options, and the generation of residential land. Growth areas in SEQ typically involve multiple land owners, creating patterns of fragmented land. Consequently, the coordination and delivery of infrastructure in these regions is challenging for individual developers and many councils.

Without targeted investment, constraints on the supply of residential land will continue, adding to the pressures faced by Queenslanders, including housing supply. Therefore, facilitating development within these growth fronts is critical.

The delivery of infrastructure throughout the state is a shared responsibility, so GAF has been designed to promote collaboration between the state and local governments and development industry to stimulate infrastructure investment.  GAF will leverage these partnerships and investment opportunities to proactively influence planning and delivery in a coordinated way, ensuring essential infrastructure is delivered at the right location and time to unlock land or generate housing supply. The fund supports projects which drive investment and jobs, increase the supply of land in SEQ land, address housing supply and support the growth of liveable communities so they have the services they need.

The state government’s provision of concessional loans as a short-term stimulus will help unlock land to provide new homes for Queenslanders, from the Gold Coast to Noosa and west to Toowoomba in a timely way.

South East Queensland’s urban footprint

Proposed projects must deliver essential infrastructure or services within underutilised areas of SEQ’s urban footprint, including:

  • Brisbane
  • Gold Coast
  • Ipswich
  • Lockyer Valley
  • Logan
  • Moreton bay
  • Noosa
  • Redland
  • Scenic Rim
  • Somerset
  • Sunshine Coast
  • Toowoomba (urban extent only)

The state government is encouraging growth within existing urban areas in SEQ, so Queenslanders can take advantage of existing infrastructure, to ensure easier and more affordable access to services. Reducing urban sprawl reduces the impact on the environment and creates more liveable communities.

Successful  ‘shovel ready’ applications

Proposed projects must deliver a minimum of 500 lots or dwellings within a SEQ local government area. Projects can be either greenfield (expansion), or infill (consolidation) and should:

  • demonstrate that investment is critical for construction to commence within 12 months
  • provide evidence of how the GAF would remedy delays to ensure completion within 24 months of executing the concessional loan agreement.

Applications will be assessed on a competitive basis and projects should serve as a catalyst for growth.  Access GAF Application Guidelines ( 1004.3 KB) now.

Successful applicants from the EOI stage of this three-year program, will be invited to submit further commercial and financial details. A detailed evaluation will follow, with each project assessed based on two overarching criteria; benefits realisation and project confidence.

Infrastructure projects primarily for servicing the Caboolture West Major Expansion Area or Priority Development Areas, are ineligible for GAF. Likewise, projects for bulk water infrastructure which will ultimately be managed by the SEQWater statutory authority, are also ineligible.

Applications for the EOI stage close midday, Friday 23 December 2022, with funding expected to be released from mid 2023, so make a submission and become part of the SEQ housing solution!

Apply Now

Last updated: 22 May 2023

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